Top 10 countries with most multi-millionaires, India ranks 8

Top 10 countries with most multi-millionaires, India ranks 8

India is home to the eighth largest group of super rich people in the world, as there are as many as 14,800 multi-millionaires in the country.

Moreover, the country's financial capital Mumbai with 2,700 multi-millionaires, is among the top 25 cities globally for multi-millionaires. Hong Kong is the top city and is home to 15,400 ultra rich people.

Though India enjoys a decent 8th position globally, but Mumbai is the only Indian city in the top 30 cities in the world for multi-millionaires.

According to a report by New World Wealth, there are currently just over 13 million-millionaires in the world (as of June 2014) and around 4,95,000 of these individuals can be classified as multi-millionaires.

For the purposes of this study a millionaire is an individual with net assets of $1 million or more, whilst a multi-millionaire is an individual with net assets of at least $10 million.

Please click NEXT to see the countries with the most multi-millionaires…

Top 10 countries with most multi-millionaires, India ranks 8

The higher growth of multi millionaires can be put down to a number of factors including: a widening wealth gap at the top-end, a rising rate of conversion of millionaires into multi-millionaires and strong growth in countries that have a high multi-millionaire to millionaire ratio (like Russia and India), the report said.